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Goodwin Year-In-Review Confirms 2022 Was a Regulatory Harbinger of What is in Store for The Consumer Finance Industry In 2023

Global law firm Goodwin today announced the release of its seventh annual Consumer Finance Year in Review. Produced by the firm’s Consumer Financial Services Litigation and Enforcement + Government Investigations practices, and authored by partners Anthony Alexis, Sabrina Rose-Smith, Kyle Tayman, Levi Swank, Matt Riffee, and Christina Hennecken, the in-depth…

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Pennsylvania AG Sues Lead Generators For Deceptive Ads

On November 2, 2022, the Pennsylvania Office of Attorney General filed a lawsuit in federal court alleging that a group of companies offering lead generation services violated the Telemarketing Sales Rule (“TSR”), 16 C.F.R. Part 310, and Pennsylvania consumer protection law, 73 P.S. §§ 201-3 and 201-4, by engaging in…

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D.C. Circuit Issues Long-Awaited Decision in ACA Challenge to FCC TCPA Rulemaking

On March 16, 2018, the U.S. Court of Appeals for the D.C. Circuit issued its long-awaited decision in ACA International v. FCC, invalidating several key pieces of the Federal Communications Commission’s (FCC’s) 2015 Telephone Consumer Protection Act (TCPA) interpretive order, but upholding other aspects of that order.  885 F.3d 687 (D.C….

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Whalen and Swank Published in September 2016 issue of Mortgage Banking for Article: “Servicing Remains an Enforcement Target”

*Editor’s Note:  This post originally appeared on our sister blog, Consumer Finance Enforcement Watch.  Visit CFEW for more real-time reporting on the full range of public federal and state consumer finance enforcement activity.* Goodwin’s Mike Whalen, a partner in the Technology Group and co-leader of the Fintech practice; and Levi Swank, an…

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Q1 2016 Sees Continued Focus on Mortgages, Fair Lending, and CFPB Enforcement (Interactive Charts Inside)

*Editor’s Note:  This post originally appeared on our sister blog, Consumer Finance Enforcement Watch.  Visit CFEW for more real-time reporting and data analytics on the full range of public federal and state consumer finance enforcement activity and the latest updates to our interactive charts.* For the first quarter of 2016, Consumer Finance…

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Operation Collection Protection Targets Abusive and Deceptive Debt Collectors

Late last year, the Federal Trade Commission (FTC) revealed an ongoing nationwide enforcement initiative targeting debt collectors, called Operation Protection Collection.  The initiative is the first of its kind coordinated crackdown by state and federal enforcers targeting abusive and deceptive debt collection practices.  According to statements by the FTC, the…

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Tayman in Bloomberg BNA: CFPB’s Question Unanswered—What is ‘Abuse’?

Goodwin Procter Consumer Finance Enforcement associate Kyle Tayman was recently published in Bloomberg BNA’s Banking Report for their article, CFPB’s Question Unanswered—What is ‘Abuse’?  The article takes the position that the Consumer Financial Protection Bureau’s silence on what exactly constitutes an ‘‘abusive’’ practice under the Dodd-Frank Act’s provisions governing ‘‘unfair,…

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2Q 2015 Sees Increase in Enforcement Litigation

*Editor’s Note:  This post originally appeared on our sister blog, Consumer Finance Enforcement Watch.  Visit CFEW for more real-time reporting on the full range of public federal and state consumer finance enforcement activity.* For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers,…

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2Q 2015 Sees Increase in Enforcement Litigation

For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers, a slight uptick in enforcement activity from the previous quarter’s 46 actions.  Although the 56 actions ranged from court-enforcement consent settlement agreements, administrative settlements, administrative actions, civil judgments, and new civil…

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No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks.  As covered in both LenderLaw Watch (LLW) and Consumer Finance Enforcement Watch (CFEW), this is a small part of a larger…

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HUD Obtains $200 Million in Community Investment to Resolve Redlining Allegations against Midwest Mortgage Lender

The U.S. Department of Housing and Urban Development (HUD) reached a settlement agreement with Associated Bank concerning allegations that the Bank violated Section 804(b) of the Fair Housing Act.  According to the conciliation agreement, HUD alleged that the Bank disproportionately denied loan applications of African-American and Hispanic applicants, and under-served…

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1Q 2015 Enforcement Trends

For the first quarter of 2015, Consumer Finance Enforcement Watch tracked 46 instances of enforcement activity taken against a consumer finance service provider.  Not surprisingly, the year started off slow with only 9 enforcement actions taken in January, likely due to agencies wrapping-up actions before year-end 2014. The 46 actions ranged…

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Director Cordray Conducts First Ever CFPB Enforcement Appeal Hearing

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held oral arguments in the first appeal of a CFPB administrative enforcement action.  Both counsel for the CFPB and Respondents PHH Mortgage Corporation and Atrium Insurance Corporation appealed to Cordray from the Administrative Law Judge’s (ALJ) Recommended Decision,…

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CFPB Orders Lender To Reduce Student Loan Principal Balances By $480 Million

The Consumer Financial Protection Bureau (CFPB) recently announced that it had reached an agreement to give students of Corinthian College, Inc. at least $480 million in principal reductions on existing student debt. Former and current students will receive an immediate 40% reduction on existing principal balances of their loans with…

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